Analyzing the Rise of Polygon: Possible Scenarios for MATIC
Recently, many teams have made noteworthy announcements in the crypto market due to the rises in prices. On October 25th, the Polygon team announced the launch of their new token, POL, in the Ethereum ecosystem. So, what are the possible scenarios for MATIC, one of the most talked-about altcoins in recent days? Let’s examine the key support and resistance levels.
Polygon Chart Analysis
The breakthrough of resistance in the channel formation on the four-hour MATIC chart has resulted in an increase in momentum. In such cases, the first step is for the resistance line to act as support, and after this step, the upward momentum has increased in the MATIC chart. Despite the recent decline, there is a positive scenario dominating the MATIC chart.
The most important support levels to watch for MATIC are as follows: $0.627, $0.618, and $0.611. Especially, if the $0.627 level is broken and the bar closes below this level, it will cause a delay in the upward scenario. Even if the closing occurs below this level, there won’t be a negative scenario for MATIC unless the $0.61 level is broken.
The most important resistance levels to watch for MATIC are as follows: $0.635, $0.646, and $0.657. Especially, the $0.657 resistance level carries significant importance. If the four-hour bar closes above this level, it will enable the upward momentum of MATIC.
MATIC/BTC Chart Analysis
The first noticeable pattern on the daily MATIC/BTC chart is the descending channel formation. However, the significant loss of value for Polygon against Bitcoin should raise concerns. For the first time since June 2022, the MATIC/BTC level has dropped to these levels. This situation is clearly a result of the dominance of the upward trend in Bitcoin.
The important support levels to watch for MATIC/BTC are as follows: 0.00001810, 0.00001779, and 0.00001724. Especially, if the daily bar closes below the 0.00001724 level, it will trigger the formation and MATIC will continue to lose value against BTC.
The important resistance levels to watch for MATIC/BTC are as follows: 0.00001925, 0.00002042, and 0.00002178. Especially, if the bar closes above the 0.00002042 level, it will enable MATIC to gain value against Bitcoin.